Being Social

Friday, August 5, 2011

Credit rating agency Standard & Poor's says it has downgraded the United States' credit rating for the first time in the history of the ratings.

The credit rating agency says that it is cutting the country's top AAA rating by one notch to AA-plus. The credit agency said late Friday that it is making the move because the deficit reduction plan passed by Congress on Tuesday did not go far enough to stabilize the country's debt situation.

Of course, the Obama Administration claims that S&P 's rating has "deep and fundamental flaws" because S&P doesn't understand credit.

This comes on the heels of the debt ceiling debate in which the left argued that US debt would be downgraded if the ceiling was not raised and that attempts to address the fundamental problem of overspending by "holding the debt ceiling hostage" would result in a downgrading of US debt. The left was wrong and the GOP Gentry was too soft.

This is yet another rebuke for the Obama Administration the left and the GOP Gentry and is a sad sad day for the nation.

Democrats own the downgrade. They fought Republicans and Tea Party supporters every step of they way, and forced a deal which was insufficient. They played class warfare and race politics against arguments that we needed to drastically change our spending habits.